At Home In Dallashttp://activerain.com/blogs/valeriekeener
en-ushttp://activerain.com/blogsview/4577777/as-a-professional-realtor--i-am---but-i-m-notAs a Professional Realtor® I am...But I'm Not<img style="float: left;" src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/Realtor%20logo.jpg">As a real estate professional and a member of the local, state and national real estate organizations, I also am a Realtor® (which is a designation not all agents possess). I have other designations as well, which means I have additional education beyond the required hours to obtain licensure. In the state of Texas, agents are required to obtain additional continuing education hours annually. Depending upon how long a Realtor® has been working in this industry, we’re talking about hundreds of hours of education.
Most of that doesn’t mean much to a client. What does mean something to clients is my sales record, negotiation skills, strategies for pricing, marketing plan and market knowledge. My sense of humor is usually a plus, too. The countless hours of viewing homes, researching the market, making sure my technology is up to date and consulting with buyers and sellers and contractors has provided me a vast array of knowledge. I’m a walking real estate encyclopedia, dedicated to and passionate about my profession. And that’s the operative word: profession. I consider myself a professional.
Before I was a Realtor®, I worked in the corporate arena. Though I knew something about real estate, I certainly had not bought and sold hundreds of homes. I did not know how Realtors® “operated”. Because I wasn’t truly aware of the scope of their knowledge (which is a LOT), I was aloof and probably disrespectful at times when I had occasion to buy or sell a home. It was unintentional, but ignorant.
For the benefit of buyers and sellers out there, here are my suggestions for garnering the most benefit from a real estate professional:We are not a key service. Last-minute appointment requests to see a home are typically seen as disrespectful to an agent, who most likely has several clients with similar needs. And when an appointment is confirmed, please be on time.We want and appreciate commitment. Ask your Realtor® to represent you as a buyer or seller and sign an agreement to that effect. You can always cancel it if the relationship doesn’t work for you.We are not home tenders. If you vacate your home while it is on the market, it is not up to the Realtor® to maintain it. While we might provide that service to you, it’s an additional service beyond the scope of what is covered in a listing agreement and (IMHO) should be compensated as such.We love children (and pets) but we are not there to entertain them. Our time is best spent talking about the features of homes and evaluating comparable properties and market pricing. Please leave your children (and pets – yes, I have had clients who brought pets to showings) at home if at all possible. I’ve encountered hundreds of children who accompany buyers to view homes and only about 1% were interested in the process. And the 1% tired of it very quickly.You may know what your neighbor’s home sold for but if you don’t buy and sell homes every day, with all due respect, you are not the market expert. I have never presumed to tell any of my clients how best to do their jobs but many clients seem entitled to tell me how to do mine. And to give me advice from their relatives and friends.If you love viewing homes but don’t have to move right away, go to open houses, drive around, look online. When you are serious and ready to make an offer on a home, then contact your Realtor®. You may not think their time is valuable, but it actually is. They are a professional.Please provide as much information as possible. The more information we have about your likes and dislikes helps tremendously. Sometimes buyers say they want one type of home and end up actually buying something completely different. That’s OK. Just keep feeding information along the way.Be honest in your communication. If things aren’t progressing as you’d like, let’s talk it through. Maybe you think there haven’t been enough showings, maybe you’re frustrated that buyers don’t always show up (it happens), maybe you feel that we don’t communicate enough. Again, let’s talk about it. Whether we are representing a buyer or a seller, we want to keep the communication flowing in both directions so that we are all comfortable with the process. And if it still isn’t working, we can agree to part company.Let us know who’s involved in the decision up front. I once showed buyers twenty homes in one day and was told at the end of the day they needed their [parents, sister, cousin, uncle, etc.] to view them all too. I’ve learned to ask the question as to who needs to ride along, but in case your Realtor® doesn’t ask, tell them.Expect a long-term relationship. That may sound creepy but Realtors® truly have a lot to offer you and the best ones will stay in touch. We have connections to great contractors, are happy to provide you with market information, sponsor your child’s school activities, provide home-care tips and discounts to area restaurants and events.
The bottom line is that we are professionals and would like you to know that. We didn’t get this market knowledge or expertise overnight and we hope that garners some respect. If it doesn’t, we are still professional and will still do whatever it takes to help you meet your goals. But we’d rather it be different.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Tue, 13 Jan 2015 05:40:51 -0800http://activerain.com/blogsview/4577777/as-a-professional-realtor--i-am---but-i-m-not
http://activerain.com/blogsview/4566463/it-s-winter---is-this-a-good-time-to-sell-my-home-It's Winter...Is This A Good Time To Sell My Home?<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/for%20sale%20sign.jpg">
The short answer is “absolutely!”. I don’t just say that because I’m a Realtor® and I’d love to help you sell your home. I say it because it’s true and here are some reasons why:
1. Buyers may be fewer, but they are serious. People who are searching for homes during the holiday season and early months of the year are definitely not “tire kickers”. They’ve been preapprove<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/TireKicker.jpg">d, are ready to find a home and move in quickly.
2. Your curb appeal may not be at its summer best but neither is anyone else’s. Lawns might be snow-covered or brown (unless they planted a winter grass) but looking up and down your street, most are in the same shape. And you can easily perk up the front door with paint, add some color with winter flowering plants in a pot on your front porch and voila! You do have curb appeal!
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/Low-Housing-Inventory.jpg">3. Lower inventory is in your (sellers) favor. It’s a supply and demand factor otherwise known as “market absorption” (make sure your Realtor® knows what that is!). You have less competition for those serious buyers!
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/Time%20to%20sell%20clock.jpg">4. The clock is ticking. Inventory will grow as we head into Spring. March generally ushers in more homes for sale on the market. Do you really want to be one of several for sale in your neighborhood, or the only one and therefore, a stand-out property?
If you’re contemplating selling any time in the next couple of weeks or months, it is worth your time to pick up the phone and call your Realtor® for a professional consultation. If you don’t know a professional Realtor®, email me and I’ll be happy to put you in touch with a professional from my national network. You’ll be glad you got ahead of the crowd!Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Mon, 29 Dec 2014 06:16:42 -0800http://activerain.com/blogsview/4566463/it-s-winter---is-this-a-good-time-to-sell-my-home-
http://activerain.com/blogsview/4556647/top-10-homeowner-hacks-from-home-inspectorsTop 10 Homeowner Hacks from Home InspectorsAs a homeowner, I know what it’s like firsthand to feel overwhelmed by caring for my home. Still, it’s my largest financial asset, which is true for most homeowners. So I polled some of my favorite inspectors and put together a short list of homeowner hacks to keep your home safe and sound.
1. Test your GFCI (ground fault circuit interrupter) outlets every six months (some electricians suggest testing them monthly). <img style="float: left;" src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/3009A%20GFCI%20outlet.jpg">A good time to do this is when daylight savings time rolls around and you are replacing your smoke detector batteries. Here’s a link to how to test it yourself or you can buy a tester. They are an inexpensive investment (less than $15) at a hardware store.
2. Install a CO2 monitor if you don’t have one. If you think you don’t need one because your home is all-electric, do you have an attached garage? If so, there could still be CO2 accumulating because of auto exhaust and/or lawn equipment. Again, a relatively inexpensive safety measure – about $30.
3. Put hose bib covers on faucets in the winter to help protect your pipes from freezing.
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/hosebib-cover.jpg">
4. Lubricate your windows twice a year. Windows, while wonderful at letting in sunlight and allowing a view to the world, are also a means of escape in the event of a fire. Make sure you can open and close them easily. Use beeswax or a furniture spray wax on the track and frame to keep them moving properly. Most manufacturers recommend against using oily products (WD-40), especially on vinyl windows.
5. <img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/FP%20damper%20clamp.jpg">Install a damper clamp on your fireplace damper if you have gas logs. This is a cheap little gadget that keeps your damper slightly open (even when closed) so that carbon monoxide does not accumulate in your home. These are less than $5.00 on Amazon.com. Here’s a link to a website with instruction on how to install it.
6. “Caulk is a homeowner’s best friend.” If you’ve ever worked with me as a client, you’ve heard me <img style="float: right;" src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/Old%20caulk.jpg">
say this. It’s especially important in kitchen and bath areas but also around windows. When the caulk in your shower starts to age, for example, remove the old caulk and recaulk the area. Believe me, prevention of moisture seeping through walls and countertops is worth it. Best advice from one of my brothers: do not buy the cheapest caulk gun. You don’t have to buy the top of the line, but get a good one.
7. Keep your garage door(s) running smoothly. Lubricate the chain or screw mechanism twice a year with a non-silicone based lubricant.
8. Check your clothes dryer vent duct for overflow. A good way to do this is to check the exhaust flap and see if there is any lint hanging from it. If so, it’s probably getting filled up and it’s a good time to clean it to avoid a potential fire or damage to the dryer heating mechanism. There are several great tutorials on how to take care of this but this one from PrettyHandyGirl.com is my favorite. And pay attention to her mention of making sure the exhaust vent closes properly. If you haven’t heard my “dead bird in the dryer hose” story, I’m more than happy to tell you.
9. Repl<img style="margin: 2px;" src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/SS%20braided%20washing%20machine%20hose.jpg">ace your washer’s rubber hoses with braided hoses. One inspector mentioned that the rubber hoses will only burst when you’re on vacation (LOL!) but with a braided hose, you can vacation in peace. Braided hoses are much more reliable and you can order them online for about $5.99.
10. <img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/gutter%20joint.jpg">Keep your gutters cleared of leaves and debris. And while you’re doing that, make sure that gutter joints are well sealed. I’ve seen hundreds of gutters with leaking joints, which defeats the purpose of having gutters if rainwater isn’t redirected properly.
This list is a good start but isn’t comprehensive by any means. If you had your home inspected when you purchased it, pull out that inspection report and make sure any deficient items have been corrected. Don’t hesitate to have your home re-inspected from time to time. I have a colleague who has hers inspected every year. Put the above 10 items on your calendar and you’re off to a great start of caring for your home.
The author would like to acknowledge contributions from the following licensed TREC home inspectors:
Guy Willingham, Longpaw Home Inspections
Mike Killion, Aid-4-U Inspections
Cliff Willis, Home Inspection SolutionsValerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Fri, 12 Dec 2014 03:15:01 -0800http://activerain.com/blogsview/4556647/top-10-homeowner-hacks-from-home-inspectors
http://activerain.com/blogsview/4423189/still-losing-out-on-offers---meet-your-new-best-friend---trec-11-7Still Losing Out on Offers? Meet Your New Best Friend: TREC 11-7If you are working with buyers in this market of limited inventory, you have no doubt encountered the multiple offer situation. And if you have encountered it, you have most likely encouraged your client to:
(a) Offer the best terms possible;
(b) Write an engaging letter describing why they are the best buyers on the planet;
(c) Prepare for losing out to another buyer; or
(d) All of the above.
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/fearfulperson.jpg">
Setting the expectations of losing out on a dream home is tough for any buyer. But there is some good news.
Several major title companies have recently stated that a very high percentage of new contracts “fall out” within the option period in this frenzied, scarcity market. I have heard statistics as high as 46%. And when those contracts terminate, the Listing Agent typically puts the home right back on the market and gets another round of multiple offers.
So listen up: Your best tool for these situations is the Addendum for Back Up Offer.
Why? If/when the offer that was selected instead of yours terminates, your buyer(s) will automatically be in first position.
How? This addendum is located in ZipForms. Submit your offer with this Addendum completed and wait for the sellers to respond to their plethora of offers. If your buyer(s)’ offer is not selected, request that they execute yours as a backup. You’ve already attached the form. Go, you!
Then what? When your buyer(s)’ offer is executed, it is a real, bonafide, executed contract and needs to be treated as if it were the primary contract. That means you DO need to submit earnest money and you DO need to submit the option fee. Most of the time, limited amounts are used for these, for example, a $10 option fee (with additional option fee due if contract becomes primary). Your Broker/Manager can advise you how to complete the form to limit your buyer(s)’ cash needed.
Won’t this just give the seller bargaining power with the primary contract buyer? Possibly. But keep in mind that this addendum is powerful. It automatically puts your buyer(s)’ contract in first position if the contract from the first buyer terminates.
So we just wait for the outcome? No. Keep looking. There’s always the chance that some other property will come along and your buyer will actually be the preferred offer. If that happens, you can terminate the backup offer, obtain refund of the earnest money and fulfill the contract agreement terms for the new property.
Don’t be shut out of this market. Be strategic and take advantage of this amazing promulgated form (TREC 11-7) and put your buyers in a position to win.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Sun, 22 Jun 2014 01:20:49 -0700http://activerain.com/blogsview/4423189/still-losing-out-on-offers---meet-your-new-best-friend---trec-11-7
http://activerain.com/blogsview/4367023/wacky-weather-affecting-your-hvac-integrity---not-really-Wacky weather affecting your HVAC integrity? Not really.It's currently 52 degrees. Last week we were in the high 70's and even hit 80 one day. It's been this way for weeks. Here's the Dallas area graph from NOAA -- up, down, up, down, etc. You get the picture.
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/temp%20graph.jpg">
It got me thinking -- what is this doing to my HVAC system if I'm constantly turning the thermostat up, down or off every day or so? Fortunately, I knew some great people to ask: A-US Air Conditioning.
Kenny McFarling is the best "go-to" guy about your air conditioning and heating. He is as passionate about HVAC systems as I am about real estate and is only too happy to answer questions.
The short answer is that as long as your unit is serviced properly, adjusting your thermostat as needed won't adversely affect your system.
This is the PERFECT time to have someone come and service your A/C system before temperatures start getting crazy-hot. Which they will in Dallas.
If you are fortunate and have a home warranty on your home, a pre-season tuneup is probably covered. If you do not, and you want to take your chances, here's what you can look forward to:
The average A/C unit is 4 tons. To replace the compressor can cost $1,200 or more. The whole system? Up to $3,200.
The coil and the compressor are the most common problems on older units, per Kenny. And to upgrade an old 8-SEER to something above 13-SEER can save at a minimum of 30% on your utility bills.
The good news: Kenny has a great deal for you! Their company offers a pre-season tune-up for $49.99 for the first unit and $25 for additional units and they work with most home warranty companies.
Just so you know, I am not a paid sponsor for any home warranty company or any A/C company. But because I'm a Realtor, I am in contact with both types of vendors all the time and I'm blessed to know the best. Because I honestly don't understand A/C-speak. Compressor, condenser, coil, whatever...just fix it, right?
Here's the scoop:
A-US Air Conditioning - Kenny McFarling - (972) 535-8096. These guys are in business to keep relationships. They truly care about keeping you cool. Or warm.
Also, if you're not a fan of home warranties, do this for me: call Julie Jones at Nations Home Warranty Company. They are LOCALLY-OWNED and amazing and offer an extremely affordable monthly payment program:
Nations Home Warranty - Julie Jones - (214) 843-7764. You just call her and ask as many questions as you like. I think you'll be pleasantly surprised. And wish you'd bought one sooner.
<img src="http://activerain.com/image_store/uploads/agents/valeriekeener/files/thermostat.jpg">Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Sun, 06 Apr 2014 09:05:30 -0700http://activerain.com/blogsview/4367023/wacky-weather-affecting-your-hvac-integrity---not-really-
http://activerain.com/blogsview/4315955/life-after-foreclosure--when-can-you-buy-Life After Foreclosure: When Can You Buy?For those consumers who have a foreclosure on their record, it may feel like they will never repair their credit enough to become a homeowner again. It can happen, but it will depend on a variety of variables.
Bouncing back after a foreclosure will depend greatly on your individual circumstances, as well as the mortgage interest rate you are willing to pay. Foreclosures can remain on your credit record for seven to 10 years. Most lenders will consider your request for a home loan two to four years after your foreclosure, although your interest rates will be higher.
Keep an eye out for predatory lenders that will issue a home mortgage in less time than average, but will charge you obscenely high mortgage interest rates, fees, and penalties.
A quality lender will expect you to show that you have cleaned up your credit. In this light, a borrower who has worked hard to reestablish good credit may also be shown some leniency by the lender.
Repairing your credit is possible, although it can be a slow-moving process. Act as quickly as you can to take care of any outstanding delinquencies, tackling a little at a time until you get back on the right track. Make an effort, if at all possible, to repay your debt in full and on time for six months to a year to prove you are working hard to repair any damage.
It will also be helpful to provide a reasonable explanation about the circumstances that led to the foreclosure, such as exorbitant medical expenses or lifestyle changes beyond your control. If you declared bankruptcy because you were laid off from your job, the lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, it is unlikely the lender will readily give you a break.
If you've waited several years after your foreclosure and you're still having trouble obtaining a traditional mortgage, consider other options, such as subprime mortgages, which are made to borrowers who do not meet traditional credit criteria at a higher interest rate.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Fri, 31 Jan 2014 02:24:13 -0800http://activerain.com/blogsview/4315955/life-after-foreclosure--when-can-you-buy-
http://activerain.com/blogsview/3790862/outdoor-projects-to-do-with-kidsOutdoor Projects to do with Kids<img src="http://c0263062.cdn.cloudfiles.rackspacecloud.com/content/images/sized/ideas-kids-projects-stepping-stones_1x1_dc23cbdfca252dc22c86282bf00f610b_jpg_80x80_q85.jpg">
6 Outdoor Projects You Can Do With Your Kids
Get your kids outside and spark their creativity with fun, simple home improvement projects. Plus, you’ll boost your curb appeal. Read
Visit houselogic.com for more articles like this.
Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 18 Jul 2013 11:21:33 -0700http://activerain.com/blogsview/3790862/outdoor-projects-to-do-with-kids
http://activerain.com/blogsview/3731908/tips-for-challenging-your-property-appraisal-valuationTips for Challenging Your Property Appraisal Valuation<img src="http://activerain.com/image_store/uploads/2/5/6/6/2/ar136898826426652.jpeg">
If your property value jumped and you are concerned it's over market value, here are some tips for you:
1. Call your Realtor and ask for recent comparable sales. That will give you a better idea of the market value. The Realtor will know which properties are closest to yours in terms of size, condition and location. You can use the comparable analysis as proof when you protest the value.
2. Check the data carefully. Make sure that the statement describes your home accurately. Does it state 4 bedrooms and you only have 3? If you obtained a formal appraisal of your home when you purhased it, compare the square footage and lot size to the data on the appraisal and make sure it's accurate.
3. If you purchased within the last year and had a home inspection, the inspection report will likely have photos of deferred maintenance issues whcih you can use at proof of property condition.
4. Don't hesitate to challenge the appraisal if you feel the value is not accurate, but be aware the protest deadline may be soon. You can check with your local county website for the deadline information. If you don't agree with the formal protest decision, you can still appeal in state judicial court but keep in mind the cost of that process vs. the cost of the tax savings.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Sun, 19 May 2013 04:34:10 -0700http://activerain.com/blogsview/3731908/tips-for-challenging-your-property-appraisal-valuation
http://activerain.com/blogsview/3730583/where-sellers-get-off-trackWhere Sellers Get Off TrackIn our current, intensely dynamic real estate market, it’s easy to become excited about selling your home quickly. While many homes are selling rapidly and for top dollar, I’ve noticed that some sellers aren’t getting the results they anticipated and here’s why: homes that arestaged well, clean, updated and attractive in photos are still the top sellers. Here are some tips to help you sell quickly:
<img src="http://activerain.com/image_store/uploads/6/2/6/5/4/ar136882831945626.jpg" style="display: block; margin-left: auto; margin-right: auto;">
1. Engage a professional, full-time Realtor. Even though the data may appear promising for selling “by owner”, Realtors handle sales every day. It’s our profession. You may attract a buyer right away but do you know how to select the best offer? Do you know how tonegotiate the contract AND the repairs? Do you know how to prepare for an inspection? Do you know all of the contract deadlines and what they mean?
<img src="http://activerain.com/image_store/uploads/5/4/8/9/2/ar136882839529845.jpg">
2. Check out the competition. Either have your Realtor take you to the homes in the area or go to open houses on the weekend. You need to be the best and brightest to be the home that sells the most quickly for the best price.
3. Don’t neglect the details. Just because the market is “hot” doesn’t mean people want to buy your pet-smell, ratty carpet, floral wallpapered home. Again, buyers still want a clean, well-presented home. Often overlooked details: (a) doorbell and garage door opener panel are grimy; (b) switchplates are broken or dirty; (c) porch light fixtures are dirty and filled with dead insects; (d) address of home is missing or obscured or unreadable.
<img src="http://activerain.com/image_store/uploads/8/2/3/6/5/ar136882844956328.jpg" style="display: block; margin-left: auto; margin-right: auto;">
My #1 tip: caulk is your best friend. Use it around sinks, counters, tubs, showers, toilets, etc. It makes those areas seem so much cleaner and neater and costs very little.
Following these simple guidelines will ensure you are moving soon!Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Fri, 17 May 2013 08:09:37 -0700http://activerain.com/blogsview/3730583/where-sellers-get-off-track
http://activerain.com/blogsview/3656153/web-tools-to-form-winning-financial-habitsWeb Tools to Form Winning Financial HabitsI often field questions from people who are thinking about buying their first home. Many are very early in the process, some in college, some working their first jobs. Many want to know what they need to do now to one day be able to have a place of their own.
Part of being ready for home ownership means having the discipline to make personal and financial decisions which put you in a good position when the time comes. A lot of this means sound habits, such as saving cash for a down payment, reducing debt, and maintaining good credit. Many people have yet to form these habits.
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There are strategies to help you stick to your habits, such as telling people about your goals, writing down your goals and posting them in prominent places around your house and car, and breaking your goals into small, reasonable "mini goals," but sometimes what you really need is a little external accountability.
HabitForge.com and Stickk.com are two web-based tools which help you stick to changing your habits. HabitForge operates on the premise that it takes 21 days to form a new habit. To use it, you simply provide a goal or desire, and the service sends you email each day to check in and see if you've kept up. A simple "yes" or "no" click tracks your commitment.
Stickk.com is a little more involved and perhaps a more powerful option. Stickk was developed by Yale University economists who tested the effectiveness of Commitment Contracts through extensive field research. Years of economic and behavioral research show that people who put stakes - either their money or their reputation - on the table are far more likely to actually achieve a goal they set for themselves. Stikk.com allows you to select a goal, get the "stakes," get a referee to judge your compliance, and add friends for social support.
If you’re trying to clean up your financial house before you make that first big investment in your future, you might consider exploring these tools to help you create the solid habits you’ll need to get the loan, make your down payment, and ultimately take care of your home. I hope you find them helpful.
If you’d like to talk about a detailed path to home ownership, I’d be glad to chat with you.
Get in touch today: Direct number is 214-454-1540 for phone or text; valerie.keener@remax.net for email.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Mon, 11 Mar 2013 06:50:46 -0700http://activerain.com/blogsview/3656153/web-tools-to-form-winning-financial-habits
http://activerain.com/blogsview/3509593/dallas-real-estate---post-election-updateDallas Real Estate - Post-Election Update<img src="http://activerain.com/image_store/uploads/1/2/7/0/8/ar13524067180721.jpg">
The election is over and most of us are thrilled at the absence of political advertisements!
What lies ahead for real estate is a huge question-mark. Legislation which is debated and potentially passed could be potentially damaging to the housing industry (modification or removal of mortgage-interest deduction). Interest rates will likely begin to creep up and surpass the 4.0% mark next year. That's still a very low rate historically but every point can make a difference to your monthly payment.
In the Dallas area what we are seeing in 4Q is a shrinking of what I would deem "prime" inventory. I have a group of buyers who are seeking pre-owned homes but are not finding "gold" ones. The beauty-contest winners in the pre-owned market, the homes with current updates, new roof, new A/C, exquisite staging, competitively priced and no pet smells are quick to receive offers and in many cases, multiple offers.
What does that mean for buyers who don't have the schedule flexibility to see homes immediately or who continually lose out on multiple offers? In the Dallas metro area, it means heading further out into the suburbs for new construction and that's what seems to be happening. Builders are seeing a definite uptick in purchase of new construction and even their inventories are being depleted.
While this market information is actually positive for D/FW, here's the takeaway:
Current sellers - Make sure you have the "gold" house. Your Realtor has probably already told you what you need to do to position your home but you didn't believe them. Trust me, they are right on target!
Potential sellers - This is a perfect time to get your house tidied up and sold, especially if you have been wanting to downsize. Don't wait for the rates to start going up and the Spring season which brings more preowned competition. Sell now! Just do it!
Buyers - Moving further out of the metroplex into new construction can be wonderful but usually involves longer commute times and patience to wait for the home to be constructed, not to mention cash up front for any upgrades you may want. Team up with a Realtor now, ask them for a referral to a lender who can close within 30 days and be as flexible as possible to see houses the second they're available. Realtors have an old saying, which is generally true: if YOU like a home, someone else will too so don't wait to make an offer! Have your Realtor set up an automatic search so you're informed in real-time when something is new and meets your criteria.
If you need a Realtor - a Top 5 Agent in Real Estate - don't hesitate to contact me at 214-454-1540 or email me at valerie.keener@remax.net. I'm here to help and answer any questions about our market.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 08 Nov 2012 04:50:22 -0800http://activerain.com/blogsview/3509593/dallas-real-estate---post-election-update
http://activerain.com/blogsview/3509402/what-it-means-to-be-a-top-5-agentWhat It Means to Be A Top 5 AgentWhat does it mean to be a Top 5 Agent? It's about C-R-E-E-D!
The TOP 5 CREED<img src="http://activerain.com/image_store/uploads/1/8/4/1/0/ar135239912701481.jpg" style="float: right;">
Community Commitment: When consumers call upon the services and skills of Top 5 in Real Estate Members, they can be assured that members not only reflect the highest standards of real estate excellence, but also that each member has made a personal commitment to support the interest and betterment of the respective communities they serve.
Results: All members are ranked within the top 10% of real estate agent productivity within the industry (although a sizable percentage are able to claim they rank in the top 2% or better.)
Education: Top 5 Members must satisfy professional real estate-related education requirements. The benefit to consumers is that we believe educationally-oriented professionals are both better equipped and motivated to respond to the real estate-related needs of consumers.
Experience: Consumers will take comfort in the knowledge that all Top 5 Members have a minimum of three years experience (although the average tenure is substantially longer.)
Digitally-enabled (technology savvy): In order for consumer informational needs to be met, agents must be knowledgeable and able to effectively utilize the power of technology and the Internet. Top 5 Members—in concert with RISMedia, the leader in real estate information systems—are vigilant in their commitment to provide both information and Internet-related services to both consumers and clients.
With a Top 5 Agent, you can feel confident that you will receive over-the-top great service! Find your local Top 5 Agent here:
TOP 5 IN REAL ESTATE DIRECTORYValerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 08 Nov 2012 02:55:48 -0800http://activerain.com/blogsview/3509402/what-it-means-to-be-a-top-5-agent
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Most people buy a home for stability, investment and to "put down roots". But the truth is, the average American moves every 5 years. Why is this important?
Because smart buyers know that flexibility is key. In fact, if you think you'll live somewhere forever and you're under 45 years old, think again.
The reason you don't want to over-estimate how long you're likely to live in a home is because it could affect your home-buying decision. Thinking you will live in a home forever may affect:
1. What kind of home to buy;
2. How much you should invest in your home once you do;
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So here are 5 questions to ask yourself when you are trying to predict your own future, to help you think realistically about how long you're likely to stay put - or not.
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#1. Is my family complete?
Why: Because if you aren't finished growing your family (or aren't sure one way or the other), you probably aren't finished moving, either. You might end up moving to a better school district, or even switching jobs to afford all your little ones. You probably haven't yet optimized your living situation to account for how kids (or spouses) will change your needs over time.
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#2. Do you get bored easily?
Why: Your personality is actually the biggest predictor of how often you will move. Think about how restless or adventurous you tend to be. People who love to travel or try new things tend to also be more open to packing it all in and starting over. So ask yourself, as a general rule, does the idea of living in the same neighborhood (regardless of how nice it is) fills you with comfort or with dread? If it's the latter, you're more prone to be lured away for any variety of reasons.
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#3. When was the last recession?
Why: In general a recession happens every 10 years or so. But here's the kicker: a suddenly shrinking or growing economy often has the same effect. At the end of a recession, when things are on the upswing, homebuyers' new-found stability and wealth often prompts a move. And the reverse is true, too, as a recession begins. Either way, big economic change leads to lots of moving.
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#4. Does your company have offices everywhere?
Why: If you work for the kind of company with offices all over the country - or even the world - and you happen to love working there, it's not unreasonable that they'll ask you to switch locations at some point. And if you are in "career growing mode", which is usually between 30 - 45 years old, that's even more likely to happen.
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#5. Do you expect to earn a lot more in the future?
Why: There are certain careers, like doctors, who start out earning relatively little but enter a phase of massive salary acceleration about ten years in or so. Many people find themselves in their late 30s or early 40s with three or four times the salary they had a few years earlier. If you are lucky enough to have that kind of a career, you're also more likely to want to upgrade.
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http://activerain.com/blogsview/3416871/frisco--texas---one-of-the-fastest-growing-cities-in-the-country-FRISCO, TEXAS - One of the fastest growing cities in the country!Frisco is the fastest growing city in the country's fastest growing region, The Texaplex. In the year 2000 the population was 33,000, today the population reaches over 125,000 people!
This fabulous video about Frisco was the brainchild of David Winans of Better Homes &amp; Gardens Real Estate. David has also published two great videos on "Texaplex", also available on Youtube.
<iframe src="http://www.youtube.com/embed/wGNMGXuBpDM?rel=0" allowfullscreen="true" frameborder="0"></iframe>Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Tue, 21 Aug 2012 04:19:00 -0700http://activerain.com/blogsview/3416871/frisco--texas---one-of-the-fastest-growing-cities-in-the-country-
http://activerain.com/blogsview/3411718/what-i-learned-----while-not-on-a-summer-vacationWhat I Learned ... While Not On A Summer VacationI live in an area of intensely high temperatures and drought during summer months. This summer, I have had to call an A/C repair company THREE times when one of my A/C units was not functioning as intended. I thought I'd pass along the basic A/C lessons I've learned.
Lesson One: If the secondary drain line is dripping continuously, it's likely there's a blockage in the primary drain line. Since we are in a dry area and it seldom rains, when I noticed water dripping outside my third-floor window, I knew it was not from a storm. If you have an A/C unit with a secondary drain line to the exterior, keep an eye out for water dripping. In my case, it was indeed a blockage.
Lesson Two: If the A/C is not cooling, check the outside unit to see if the exterior line is frozen. It will be obvious -- there will literally be ice on the outside of the line. You can call a contractor to come out to repair the unit -- whatever might be wrong -- but until the line is thawed, there's nothing they can do. My best advice is to turn off the unit, let the line thaw and then call for repair.
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Lesson Three: Change your filters regularly! I had wood flooring installed and 'didn't get the memo' about not running the A/C during the process. After the floors were finished, the A/C was no longer cooling. A quick check of the filter showed it to be sawdust-encrusted and certainly incapable of allowing any air flow. Although I do change my filters regularly, I wasn't thinking about the extra filtration needed with the installation of the flooring.
Lesson Four: Home warranties can definitely save you money. For all of my A/C episodes this summer, my home warranty took care of them with only a small service fee. I wouldn't be without one! My warranty is with OneGuard, which only services Texas and Arizona, but there are several good ones. Ask your Realtor for a recommendation.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 16 Aug 2012 11:10:54 -0700http://activerain.com/blogsview/3411718/what-i-learned-----while-not-on-a-summer-vacation
http://activerain.com/blogsview/3388798/tips-for-smoother-selling---first-impressions-count-Tips for Smoother Selling: First Impressions Count!First Impressions Count: 4 Easy, Inexpensive Ways to Attract Prospective Buyers
If you’re in the process of getting your home ready to be put on the market—or you’ve recently listed your home for sale—you know just how crucial a positive first impression can be when it comes to attracting prospective buyers. While first impressions are everything in this day and age, creating a positive one doesn’t have to cost an arm and a leg. Here are four easy and inexpensive ways to create an inviting home environment for potential buyers. 1. Trim it right. It’s amazing what a fresh coat of paint can do for your home’s interior. While $100 won’t allow you to repaint every room in your home, it will get you enough to freshen up the trim, and any spots on the walls that need a touch up. Be sure to stick with clean, warm colors. 2. Focus on the front. The first thing a prospective buyer sees when they arrive for a showing is the front of your home. For $100 or less, you can repaint the door, plant a fresh flowerbed, and make sure your lawn is neat and tidy. Don’t forget to shine up details like your house number and mailbox, and repaint or replace anything that looks tired or old. 3. Squeaky clean. Your home should be clean and clutter free for a showing. While you can tackle the process yourself, hiring a cleaning service is a great way to get things gleaming before a showing. 4. Appeal to the senses. You don’t want to turn off potential buyers with a musty smell or dim lighting. Take the time to air out your home before a showing and, if necessary, light a lightly scented candle—or bake a batch of cookies. Make sure rooms—especially the first room a buyer will enter—are well lit and bright by opening curtains and blinds. Bring in an extra floor lamp if necessary.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 26 Jul 2012 04:00:45 -0700http://activerain.com/blogsview/3388798/tips-for-smoother-selling---first-impressions-count-
http://activerain.com/blogsview/3266663/tax-appraisal-deadline-approaching---call-your-realtor-for-helpTax Appraisal Deadline Approaching: Call Your Realtor for HelpResidential property tax protests due by May 31 in Dallas, Collin counties
Ben Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” You can’t stop death, but you might be able to slow the taxman down.
May 31 is the deadline for challenging residential property tax appraisals in Dallas and Collin counties. In Dallas County, homeowners should have already received their appraisals if their valuation went up this year.
If it didn’t go up, you will receive no notice, unless you have registered for routine email notifications. But you can find your estimated tax appraisal at dallascad.org.
Even if you did not see your appraised property value increase, you can gather evidence of declining property value and during a protest ask for a lower valuation.
AT A GLANCE: How to challenge your Dallas County home appraisal
Dallas County homeowners who are going to see an increase in their appraised taxable value, or who previously registered for online notifications of their tax tally, should be receiving notices mailed by the Dallas Central Appraisal District. If you didn’t receive an appraisal notice, you can still protest. The deadline is May 31.
The process
To determine value, county appraisal districts consider the property’s size, condition and location; any income it may produce; and comparable sales in the area. Appraisers may drive by the property and inspect the exterior, but they don’t go inside. They spend most of their day in the field taking notes. Information is fed into a computer program, and an appraisal is created. All properties on the tax rolls must be reappraised every three years, although counties may reassess values more often if the market changes. (This year, for example, some victims of the April tornadoes received unscheduled reappraisals to better help them asses their property values as they cope with repairs.)
Key times in Dallas County
Late April — County begins mailing appraisal notices only for those who see an increase in their taxes. (Others can obtain automated email notifications by going to their property information page and selecting the correct link; or simply by looking at their estimated appraised value on their property information page.)
Mid-May — Hearings begin for property owners to protest their appraisals. A preliminary tax roll is released to cities and school districts for revenue projections.
May 17 — The county’s comprehensive preliminary property value forecast is released
May 31 — Deadline for residential property owners to protest.
July 18 — Tentative last day of appeal hearings.
July 25 — Tax rolls are certified as final.
How to protest
Online: Homeowners can protest online at dallascad.org. Pull up your property information from the home page, clicking on ‘search appraisals.’ Pull up your property information. Under the blue bar in the left-center of the page, find the “Online Protest” link in blue.
This takes you to a new page. Create a PIN number if you do not have one to get started by checking the box at the bottom of the page. After you then fill in a pin that will be emailed to you, you can enter your pin, email, and a number provided for you by DCAD, all on the same page. This allows you to log in: Fill out the protest form, state the value you think your home is worth and attach any evidence, such as closing statements, photos and comparable sales, in PDF format. If the appraisal district agrees with you, you’ll get an e-mail. If not, an appraisal review board hearing will be scheduled automatically. The same deadlines apply.
By mail: Forms for protesting are available on your property information page just above the name of the owner by clicking on the “Print/Mail Account Protest Form” link.
If you protest in person, gather evidence and present it to an appraiser, who will meet with you at appraisal district offices.
— Get photographs or expert statements that document structural defects — foundation or plumbing problems, for example — which the appraiser missed.
— Get “comps.” Contact a real estate agent familiar with your neighborhood to get recent sales information about properties comparable to yours. Check the appraisal district’s website for information about values in your neighborhood. Neighbors can provide recent sales information or sworn statements about their properties.
— An independent appraisal could bolster your case. Show it to the county appraiser and ask how the higher value was determined.
— Remember, professional standards govern an appraiser’s work. It’s not personal. Be factual, not emotional.
— Protests can be made in writing. They can be mailed or dropped off at the appraisal district’s offices on Interstate 35E in Dallas. Send written protests to 2949 N. Stemmons Freeway, Dallas, Texas 75247. Protests must have a post office cancellation mark by midnight May 31. Protests must be delivered in person before the office closes at 5:30 p.m. May 31.
— If the appraiser rejects your case, you can request a formal hearing with the appraisal review board by mailing the protest form attached to your appraisal notice. Or you can meet informally with an appraiser to resolve the value dispute, which the appraisal district recommends.
— The deadline for filing an appeal is May 31 or 30 days after you get a new appraisal from the county.
— You can appear in person or send a representative or attorney to plead your case. You have the right to review the appraiser’s records before the hearing.
Tips
— Don’t appear hostile or antagonistic.
— Meet the deadline.
— Bring evidence: at least five comps.
— See before doing: If you’re appealing to the appraisal review board, observe another homeowner’s appeal to familiarize yourself with procedures.
— Don’t ad lib: Write out your presentation and rehearse it.
Judicial appeals
If a formal protest fails, you have 60 days to file an appeal in state district court or ask for binding arbitration. Before taking this step, calculate the cost of an appeal vs. potential tax savings.
More help
A list of frequently asked questions and a link to an online video about the appeals process can be found at dallascad.org
COLLIN COUNTY
Collin County homeowners who want to protest their property appraisal also face a May 31 deadline to file an appeal, with the protest form either postmarked or hand-delivered to the Collin Appraisal Review Board by that date.
The process can begin with an informal meeting between the homeowner and appraiser to try to resolve valuation differences, said Collin County’s chief appraiser, Bo Daffin, and then move to the formal protest process if no agreement is reached.
But it’s always best to file the formal protest, too.
“You can withdraw the appeal or settle it and take it off the docket,” Daffin said. “That’s better than not filing the appeal and then trying to get a hearing after the deadline.”
If the protest goes before the Collin Appraisal Review Board, the homeowner will get at least 15 days notice to gather evidence for the hearing. Both the homeowner or assigned agent and the appraiser’s office will present their cases, and the board will make a decision in open session.
The process is brisk:
“The board would want to conduct a residential hearing in 15-20 minutes if possible,” Daffin said. “We’ll be running four to eight concurrent review panels at a time, each consisting of three board members, and we’ll see 30,000 to 40,000 appeals filed.”
Protest forms can printed from the Appraisal Review Board’s website — www.collinarb.org — and mailed to its office at 250 W. Eldorado Parkway, McKinney, Texas 75069.
Source: KEVIN KRAUSE Staff Writer, Dallas Morning NewsValerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 17 May 2012 07:59:41 -0700http://activerain.com/blogsview/3266663/tax-appraisal-deadline-approaching---call-your-realtor-for-help
http://activerain.com/blogsview/3155959/relocation-worriesRelocation worries<img src="http://activerain.com/image_store/uploads/9/1/3/3/4/ar13342646643319.jpg" style="float: left; margin: 5px;">My friend, Andrew McElyea with Gateway Mortgage Group, sent me this photo of an opossum he trapped in his back yard. The opossum was not friendly with Andrew's dogs and Andrew very kindly assisted him with relocation to a more opossum-friendly area.
Seeing the little guy, who I've nicknamed 'Barney', caught in this trap reminded me of the challenges of relocation. Whether you are moving across town or across the country, moving carries with it a very high stress-factor.
I'll let you in on a little secret: you can minimize the stress by selecting a great Realtor. If you're moving and have a home to sell, ask your listing Realtor for a referral to the city where you're moving. Most great Realtors have a wonderful network of agents across the country (and sometimes internationally) to assist you. You'll be doing them a favor by asking for a referral.
If you don't have a home to sell, find a great Realtor who can help you find the ideal home.
If you feel overwhelmed by the process, like little Barney in the photo (he looks overwhelmed, doesn't he?), give me a call or drop me an email with your questions and concerns. I have a great D/FW relocation guide I can send to you. I've moved around most of my life so I can definitely commiserate with the fear and trepidation of relocating and will help you feel at peace about all of the moving parts.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 12 Apr 2012 07:19:16 -0700http://activerain.com/blogsview/3155959/relocation-worries
http://activerain.com/blogsview/2982751/trulia-says---consumers-need-an-agent--TRULIA says, "Consumers need an agent!"<img src="http://activerain.com/image_store/uploads/4/9/6/7/7/ar133046295977694.jpg" style="float: right;">
I drove by a "For Sale By Owner" property yesterday. It caught my eye partly because I rarely see them anymore.
Most people are very cognizant that the online and offline marketing needed to help sell their home is best done by a professional. Someone who does it full time. A Realtor.
Property search website Trulia posted an article to that effect yesterday. Here are the reasons cited by Jovan Hackley of Trulia:
1) Online Marketing Takes Coordinated Constant Effort
Agents have access to a plethora of online marketing tools that most homeowners do not know about. Sites to set up individual listing websites, syndication sites to host listing information, sites to attract buyers, etc. Experienced agents have systems in place and a go-to plan for marketing properties 24/7.
2) Having data doesn’t mean you understand it
The Trulia article quoted a homeowner saying that he knew his home better than any agent (and therefore could sell it more effectively). True that! Homeowners do know their homes better than the Realtor. They've lived in it.
But knowing ONE home does not mean you know the market. I hear buyers and sellers toss about the word "comps" and for the most part, they have a basic understanding of what comparables are. However, that's only one piece of the market puzzle. Comparables must be current, meet criteria that an appraiser would utilize to determine value and be a property that has actually sold. In addition, understanding market absorption rate has an affect on how a home might be priced and how quickly it will sell.
Again, experienced and full-time (can't emphasize that enough) Realtors know how to find the appropriate data for each home they list and how to read and understand it.
3) Showings and Connections sell homes
While a homeowner might have a sign in the yard and an ad on Craigslist, he's probably not out there every day previewing homes and connecting with potential buyers. Realtors know who to target and typically have systems in place to attract buyers 24/7. We're way ahead of you, homeowner. What we bring to the table is valuable to get your property sold more quickly.
4) Even the smartest use an agent for expertise
The homeowner in the Trulia story ended up hiring a Realtor. One of my favorite stories is the one about Colby Sambrutto, the former CEO of ForSaleByOwner.com. In a Wall Street Journal article, Mr. Sambrutto attempted to sell his New York condo through ads and FSBO websites and ended up hiring a Realtor and paid full commission for the results. Do-it-yourself is great for many home maintenance projects but not usually the best approach with the sale of your residence.
Aside from the above reasons, selling on your own can jeopardize your safety and waste a lot of your time trying to screen buyers who are not qualified to purchase.
My best advice to people wanting to sell their home is to hire a Realtor. Trulia agrees.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Tue, 28 Feb 2012 05:05:34 -0800http://activerain.com/blogsview/2982751/trulia-says---consumers-need-an-agent--
http://activerain.com/blogsview/2889256/i-ll-tell-you-what-s-wrong-with-that-flipped-house-without-even-looking-at-itI'll Tell You What's Wrong With That Flipped House Without Even Looking At ItThis is an amazing post from an inspector. He talks about why "flipped" houses don't always sell quickly and why buyers are becoming more and more suspicious of the "flip".Home flippers buy dilapidated houses, fix them up, then sell them again as quickly as possible with the intention of making a tidy profit. Flipped houses look shiny and new inside, but what's going on underneath all the new drywall, carpet, and paint? Very few home buyers seem to trust flippers, and with the cheesy 'repairs' or 'cover-ups' I've seen over the years, it's easy to understand why. Most of the quick and dirty home flippers take the same shortcuts when flipping houses; I've seen so many of them done the same way that I'm going to tell you all about the flipped house you just looked at without even knowing the address.
Interior
The interior of the home looks great. The kitchen has all new or re-painted cabinets, stainless steel appliances, granite counter tops, and a tiled floor. The first floor bathroom has been completely re-done, and a second floor bathroom was recently added, or possibly a basement bathroom. They look great. All new carpet, paint, light fixtures, outlets, and switches throughout the house. Possibly all new windows as well.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Vanity-150x150.jpg" style="border-color: initial; float: right;">When looking at flipped houses, you might notice poorly designed kitchens (ie - cabinet doors / drawers that are blocked by other cabinets), nail holes that aren't filled, appliances installed without an outlet to plug them in to, and loose / unsecured countertops or base cabinets. Bathrooms will often have vanity cabinets that are way too small for the space because the flipper bought the 'special buy' vanity, top, and faucet combo on sale at whatever home improvement store was close.
The handrails are new, but they might come right out of the wall if you pull on them. I've found a few handrails at flipped houses that were only attached to drywall.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/DSC01211-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Electrical
There is a brand new circuit breaker panel installed in the basement, which replaced the old 60-amp fuse panel. The new panel has a state electrical inspection sticker on it, and everything looks great. I don't find many electrical problems on flipped houses. Even the worst home flippers usually know better than to mess with the electrical; they don't want their houses to burn down.
Heating
The home has an old, unsafe heating system at the end of it's life expectancy. The flipper has documentation from 'their guy', some heating contractor that you've never heard of, saying the heating system is safe. You should be suspicious. I've found heating safety check forms filled out that weren't worth the paper they were written on. I've found furnaces and boilers creating high levels of carbon monoxide that the heating contractors said were fine. In one particular case, the home flipper claimed my equipment was faulty; we argued for a while, and eventually the flipper had the gas company come out to do their own test. The gas company promptly red-tagged the heating plant and shut it down.
Another possibility is that the heating system was completely replaced. If so, great, but check the furnace's blower fan for drywall dust. There's a good chance that the flipper had the blower fan running while they were doing their drywall sanding, and the interior of the furnace is completely caked in drywall dust. The photo below shows a close-up view of a furnace's blower fan blades covered in a thick layer of drywall dust.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Blower-fan-caked-in-drywall-dust-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
If the home was originally heated with a boiler, the home flipper most likely pulled out all of the pipes and radiators and converted the system to forced air; this is usually far less expensive than repairing or replacing the existing system.
Air Conditioning
If the house is being sold during the winter, the AC is very old and may not be functional. If the house is being sold during the summer, the AC is brand new and keeps the house very comfortable. I don't find much in-between those two extremes.
Structure
This is the item that home buyers are most concerned about, especially on flipped house, but I'm afraid I can't shed any light on this one. Despite what home buyers expect, I don't find structural problems on flipped houses any more than I do with other houses.
Plumbing
The water distribution pipes will either be in acceptable condition or they'll all have recently been replaced; no issues there. There will be major problems with the drains though; nobody has lived in the house yet, so nobody knows about the leaks and clogged drains. The old steel drain lines are often clogged at the kitchen sink, and possibly at other locations.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Clogged-drain-at-kitchen-sink-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
New plumbing fixtures often leak when they're filled with water and then drained; it's not unusual to find several leaking drains at flipped houses.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Leaking-drain-at-kitchen-sink-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Sometimes we'll find floor drains, basement showers, or even basement sinks that back up with water when the plumbing fixtures at the upper levels are filled and then drained. That's exactly what was happening with this new basement bathroom sink at a flipped house in New Hope.
<iframe src="http://www.youtube.com/embed/Nf4eoGnd98g" allowfullscreen="true" frameborder="0"></iframe>
Tiled shower floors are also notorious leakers at flipped houses; I'd estimate that half of them leak. I remember inspecting one house in Minneapolis about two years ago where both of the tiled shower floors leaked like crazy. The buyers decided they didn't want the house before I was even finished with my inspection.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Ceiling-stain-from-leaking-shower-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Roofs
The shingles on the roof are in bad shape. You'll find patched sections of shingles or shingles that are badly deteriorated and at the end of their life expectancy. Replacing the roof covering is an expensive project, but it won't make the house sell for any more money, so flippers leave the roof alone if it's not leaking. I can't say I blame them.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Bad-Shingles-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Insulation
The insulation in the attic hasn't been touched for a long time - it might even be original, and it will need improvement. Flippers don't get any return on their investment for new insulation, so don't expect anything to be done here.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Poorly-insulated-knee-wall-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Exterior
Shoddy workmanship abounds at the exterior. The original wood windows were replaced with vinyl inserts, but the old wood at the exterior is still rotting away and has been freshly painted, or someone did a quick and dirty job of wrapping the windows with aluminum and left a lot of rotted wood still exposed.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Rotted-wood-at-windows.jpg" style="border-color: initial;">
The basement windows have been replaced with whatever size window was close, and the flipper used clear pine or plywood to make up the difference in size. This is sloppy workmanship, at best.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Unpainted-wood-at-basement-window.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Exposed-plywood-edges-at-basement-window.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Some of the siding repairs may even be comical; I actually found a hole in the siding repaired with a coffee can lid at a recent flipped home inspection.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Coffee-can-lid-for-siding-440x330.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
There is a thin layer of new wood chips surrounding the house, but nothing has been done to correct improperly pitched soils around the house that can lead to a wet basement. You'll want to re-grade right away.
The chimney has a lot of missing mortar and cracks in the crown. You'll need to hire someone to repair the chimney to help prevent the deterioration from getting worse.
<img src="http://www.structuretech1.com/wp-content/uploads/2012/02/Chimney-with-deteriorated-mortar.jpg" style="border-width: 1px; border-color: black; border-style: solid;">
Conclusion
Was I close? If you just finished looking at a flipped house and you didn't find any of these issues, buy the house! take a closer look. These are the defects that I often find at flipped houses, but keep in mind, these are broad generalizations. Some flipped houses aren't in nearly this good of shape, while others are pristine. I've worked with plenty of home flippers who do high quality construction work, including a friend, Andy Blessing. His company occasionally flips houses, and I'd be perfectly happy to buy any house he flipped because he does honest, high quality work. There are plenty of good contractors who do excellent work, but it's the rest of 'em that give home flippers a bad name.
If you're buying a flipped house, the items you should pay the most attention to should be the exterior, roof, insulation, and drains. Individual results will vary. Reuben Saltzman, Structure Tech Home Inspections - Email - Minneapolis Home Inspector
<img src="http://www.structuretech1.com/images/social-media/facebook.gif" style="border-color: initial;"> <img src="http://www.structuretech1.com/images/social-media/linkedin.png" style="border-color: initial;"> <img src="http://www.structuretech1.com/images/social-media/twitter.gif" style="border-color: initial;"> <img src="http://www.structuretech1.com/images/social-media/youtube.gif" style="border-color: initial;"> <img src="http://www.structuretech1.com/images/social-media/rss.png" style="border-color: initial;">Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Tue, 21 Feb 2012 03:58:51 -0800http://activerain.com/blogsview/2889256/i-ll-tell-you-what-s-wrong-with-that-flipped-house-without-even-looking-at-it
http://activerain.com/blogsview/2845356/7-steps-to-a-successful-home-buying-experience-7 STEPS TO A SUCCESSFUL HOME-BUYING EXPERIENCE <img src="http://activerain.com/image_store/uploads/8/7/0/8/1/ar132933519218078.jpg"> THESE 7 STEPS WILL HAVE YOU
SAILING THROUGH THE HOME BUYING PROCESS
While there's a wealth of information available to homebuyers about the process of homebuying, as a Realtor, I continue to encounter buyers who are caught in the same pitfalls. These are not rocket-science and certainly no secret, but follow these seven steps in order and you'll definitely have a less stressful experience!
<img src="http://activerain.com/image_store/uploads/6/7/9/9/1/ar132933648219976.jpg" style="float: left;">1. CHECK YOUR CREDIT! Most homebuyers want to start looking at homes right away. They are eager to find the perfect new home and make an offer. But the BEST way to start the homebuying process is by ensuring that your credit score is within a range which will allow you to obtain a loan (unless you’re paying cash, of course). Although there are exceptions to the rule, typically you’ll need to have a minimum credit score of 620.
2. AFTER CREDIT, IT’S ABOUT THE LENDER. I know, I know. You want to jump in the car and look at houses now. But if you find one you love and want to make an offer so that you don’t lose out, you’ll need to have a preapproval letter from a lender to accompany your offer. Start by contacting a lender first, make sure you’re preapproved and know what you can afford -- then you’re ready to go!
<img src="http://activerain.com/image_store/uploads/5/0/5/0/4/ar132933708240505.jpg" style="float: right;">3. START YOUR SEARCH ONLINE. 90% of homebuyers start their search on the internet and with good reason. You can gather loads of valuable information about homes for sale including photos, neighborhood information and school ratings. A secret to using the internet to search for homes Is to make sure the search website you use provides up-to-the-minute information. The best sites to use are those provided directly by Realtors, since they are connected to the local MLS. So save gas and time: do your homework and start your search online and not in the car.
4. USE A FULL-TIME, PROFESSIONALLY DESIGNATED "REALTOR". There’s a joke in Texas that there are more licensed real estate agents than there are licensed drivers. I don’t know if that’s true but in my local market (Dallas/Ft. Worth) there are over 13,000 licensed agents. That doesn’t mean they are all working in real estate on a full-time basis. And guess what? <img src="http://activerain.com/image_store/uploads/3/0/7/8/7/ar132934518478703.jpg" style="border: 3px solid black; margin: 3px; float: left;">Since the real estate market changes rapidly, if an agent is not working full-time, they will not be prepared to provide the service and information that you need.
So while it’s wonderful that Aunt Sally has her license and wants to help you find a home, if she hasn’t sold a home in over six months, you’d be well advised to find an agent who has. Get serious! This is a major investment and you need all of the professional help and advice you can get!
And did you know that “Realtor” is a registered designation? Not all licensed agents are Realtors. Realtors have pledged to subscribe to the strict code of ethics of the National Association of Realtors.
5. MAKE SURE YOUR REALTOR IS REPRESENTING YOU. Many times homebuyers drive by a home, see a “For Sale” sign in the yard and call the agent on the sign to show them the home. While that definitely should get you an appointment, who is that agent representing? The seller! Do you honestly think that the listing agent is going to represent your interests? The best way to ensure your interests are represented is to have an agent who works to find you homes and show you homes and who will sign an agreement to represent you, submit offers on your behalf and negotiate all the way to closing. That way, you know for certain that there’s no conflict of interest.
Even if you’re buying new construction, the sales agent for your new home does not represent you; he/she represents the builder. Brent Lingo, a loan officer with Chase has not one, but TWO personal stories about the lack of good representation in selling his home and in purchasing new construction. You don't have to ask many people to hear similar stories. Find a great agent and make sure you've signed an agreement for them to represent you! It doesn’t cost you anything (in the state of Texas) to have a Realtor represent you!<img src="http://activerain.com/image_store/uploads/8/2/1/4/9/ar132941314794128.jpg" style="margin: 3px; float: right;">
6. NO MATTER WHAT, GET A HOME INSPECTION! Even if you are purchasing new construction, GET A HOME INSPECTION! I can’t tell you the number of brand new homes where I’ve represented the buyers, encouraged them to get a home inspection and the inspection turned up unseen items that need to be corrected! While not every seller is going to repair or remedy items on an inspection report, you need to know whether your new home is structurally sound and where there might be problems that you’ll want to address.
7. DON’T DO ANYTHING TO AFFECT YOUR CREDIT ONCE YOU’RE UNDER CONTRACT. I jokingly tell buyers to not even change their hair color or clip their fingernails. Lenders tell horror stories of buyers who, while waiting to close on their home contract, decide to get a flat screen from Best Buy or sign up for a new credit card. Guess what? Your credit was just materially affected and you may not get that home loan after all. Even co-signing is a no-no, so parents of adult children, don’t even think about it. At least not while you’re waiting on the loan to close.
Purchasing a home is a big decision, not to be taken lightly. But following the above steps will greatly improve your experience!Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 16 Feb 2012 04:29:48 -0800http://activerain.com/blogsview/2845356/7-steps-to-a-successful-home-buying-experience-
http://activerain.com/blogsview/2811957/10-reasons-not-to-stage-your-home10 REASONS NOT TO STAGE YOUR HOMEJanet Jones from Just Your Style Interiors in Hawaii brings us this excellent message. I could not have expressed it better than she does. Listen up, agents and sellers! This is truth!<img src="http://activerain.com/image_store/uploads/2/2/4/7/7/ar132840009177422.jpg" style="float: right; margin: 8px;">1. We want to test the market for 90 days. And on the 91st day? Price reduction--and 90 days worth of potential buyers who have already eliminated your property.
2. It costs too much money. I have never seen a home where the staging costs would have exceeded the first price reduction. And that doesn't even factor in the monthly carrying cost of the home.
3. We can't stage the house, we're living in it. One common misconception is that staging is only for vacant homes. Every home/condo can be staged, and you can actually live in it after staging.
4. We didn't have to stage any of the other properties we sold over the years. Yes, once upon a time you could generate three offers by 5 p.m. on the same day your Realtor put the For Sale sign in your yard. Not now. Buyers are picky and they have a lot of homes to choose from.
5. Everyone loves our house so buyers will love it, too. What you, your friends and relatives love about your house may not be what today's buyer wants. Sellers are often baffled by the feedback they get after showings--amazed that buyers have found things they don't like about the property.
6. We can clean the carpets and declutter without someone telling us how. Yes, you can (and should) do this, but it is a tiny piece of staging. Do you know what separates "clutter" from "asset"? And what about all the other things that staging encompasses, like traffic flows, highlighting architectural features, updating, and appealing to your target market?
7. We have no desire to remove/change our _______________ (wallpaper/mirrored tile/gold faucets/paneling/dated light fixtures . . .). And neither do buyers. Better to keep your home or be ready to sell at a deep discount.
8. The view alone will sell this place. Then why many months later are these great view homes/condos still on the market? Could it be that buyers want something to go with the view--like a comfortable, move-in ready home?
9. We would rather let the buyers makes their own paint/flooring choices. And that equals a price reduction. If buyers do make an offer on your home they will double or triple the cost of these items and reflect that in their discounted offer price--which includes a deduction for the inconvenience.
10. Our home is professionally decorated. A professionally decorated home is tailored to the owner's particular needs. Does it work for the new buyer's needs? You could see #1 above . . . .
These are all great reasons--
for price reductions
for extended time on the market
for buyers not coming to look at your home
for buyers not coming back for a second look
There are dozens of reasons not to stage, but only one good reason to stage--getting your home sold faster for the highest possible price. Staging is preparing your home for sale and creating a home that buyers want to buy. If you want to be in the best competitive position in this market today, consult with a professional home stager before listing your property for sale.
<img src="http://i1187.photobucket.com/albums/z399/stephOTB/twitter-4.png" style="float: right;"><img src="http://i1187.photobucket.com/albums/z399/stephOTB/fB-4.png" style="float: right;"><img src="http://i1187.photobucket.com/albums/z399/stephOTB/linkedin-4.png" style="float: right;">
<img src="http://activerain.com/image_store/uploads/4/4/9/7/6/ar132552287567944.jpg" style="border-color: initial; border-width: 0px;"><img src="http://i1187.photobucket.com/albums/z399/stephOTB/footer-2.png">Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Tue, 07 Feb 2012 04:15:40 -0800http://activerain.com/blogsview/2811957/10-reasons-not-to-stage-your-home
http://activerain.com/blogsview/2732246/ice-sculptures-on-your-hedges-Ice sculptures on your hedges?Temperatures don't drop below freezing too often in Dallas, Texas compared to how many days are over 100 degrees. But when they do, I'm still surprised at how many people operate their sprinkler systems in freezing temperatures.
<img src="http://activerain.com/image_store/uploads/3/9/9/6/5/ar132690595356993.jpg">
While there might not be a risk to the sprinklers, you could be damaging your landscaping (not inexpensive to replace). More importantly, you could be creating a road hazard if water accumulates on the road.
Per Billy Jack Sprinkler Company, if you have a relatively new home with sprinklers or are planning to install a sprinkler system, "all cities in the state of Texas now require a rain/freeze sensor that will stop your sprinkler from running on rainy or freezing days".
<img src="http://activerain.com/image_store/uploads/1/3/5/0/6/ar132690700060531.jpg">
The device stops the sprinkler from coming on when there is 1/8" of rain or the temperature drops below 34 degrees. As the sensor dries out or the temperature rises, the controller will automatically go back into normal operation.
It's also a great water conservation device. Many cities -- Plano, for example -- offer rebates for installation of these devices if you don't have one already.
If you do have one installed, it's a good idea to test it at least once a year to make sure it's operating as intended.
As always, any time you need help with home repairs or home decor, give me a call. I'm happy to put you in touch with some of the greatest contractors in the area.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Wed, 18 Jan 2012 07:23:39 -0800http://activerain.com/blogsview/2732246/ice-sculptures-on-your-hedges-
http://activerain.com/blogsview/2660997/how-much-do-i-love-my-clients-and-referral-partners---more-than-you-know-How much do I love my clients and referral partners? More than you know!I hope you will take two minutes to view this video. It's specifically directed at each and every client and referral partner. In this thank you message, I share one of the reasons I continue to work in residential real estate. It's not what you might think. Watch now and learn the hidden reason:
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<embed src="http://www.youtube-nocookie.com/v/_tAVES5QXMw?version=3&amp;hl=en_US&amp;rel=0" allowfullscreen="true" type="application/x-shockwave-flash" allowscriptaccess="always"></embed></object>Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Thu, 22 Dec 2011 10:01:01 -0800http://activerain.com/blogsview/2660997/how-much-do-i-love-my-clients-and-referral-partners---more-than-you-know-
http://activerain.com/blogsview/2629975/7-tips-to-successful-house--flipping-7 Tips to Successful House "Flipping"<img src="http://activerain.com/image_store/uploads/1/7/6/6/3/ar132287849636671.png" style="display: block; margin-left: auto; margin-right: auto;">
In my residential real estate career, I’ve seen literally hundreds of “flipped” homes for sale. By “flipped”, I’m referring to a house purchased with the intent to renovate and resell at a profit. I can count on one hand the number of renovated homes that were truly amazing: a good value to the new owner as well as profitable to the seller. Far more seemed to be “renovated” with a coat of paint and a couple of new bath fixtures. Some went so far as to add granite counters and travertine flooring.
Will they sell? Of course they will if priced at the current market value. Keep in mind though that the “market value” isn’t just a quick average of the comparable sales. Buyers take into consideration whether the floorplan makes sense, whether it has multi-level flooring (or even multiple types of flooring!), whether the HVAC system is new or updated, when the roof was last replaced, etc. In other words, what else has been renovated aside from the paint color and addition of nickel faucets?
If your plan is to make money by flipping houses, here are some valuable tips for you:
1. Dismiss what happens in reality shows. That's not reality at all.
2. Do your homework. Find out the latest trends in home finishes. Go online, visit new home communities, talk to builders.
3. Work with a reputable Realtor to help you find a property at a good price, in a good resale area, with good potential for renovation. A seasoned Realtor knows what floor plans might be a hindrance to resale and what other home features could be “deal killers”.
4. Have a reasonable budget but plan for the unexpected. Before you purchase, make sure you know what your renovation budget is and add at least an additional 10% for unexpected expenses. It’s a good idea to have a home warranty on the home (depending upon its age) just in case any structural issues arise that need attention. If the water heater breaks or the HVAC system needs a new coil, most home warranties will cover those items.
5. Don’t overlook a general home inspection, especially if you are just starting out. Unless you have lots of experience, a general home inspector can point out items that not only aren’t functioning as intended, but items that don’t meet current codes. Updating those could become important to the resale of the property.
6. Be realistic. Don’t expect to purchase an 1800 square foot home for $70,000 and sell it for $150,000 profit. Again, an experienced Realtor can provide valuable guidance to resale values so that you don’t “over-renovate” and can also give you a good idea what you can expect for a post-renovation resale value.
7. Be patient. It takes time and effort to renovate a home. Many inexperienced flippers underestimate how long it might take to accomplish the updates and upgrades. And be patient about how long it might take to sell. Depending upon the season and market absorption (ask your Realtor), it might sell quickly or it might take a few months. You’ll need to be prepared to pay the “carrying costs” (insurance, utilities, loan payments) until it sells.
Flipping can be both fun and rewarding. In my market (D/FW), there are some very strong areas for renovation and resale. That’s probably true in your market as well; a Realtor can guide you to those areas.
I mentioned that a small percentage of renovations I’ve seen were top-notch. Those few were all done by Scott Elkman of E4Properties. He is by far one of the best I’ve encountered at selecting a good property and renovating it from “soup to nuts” beautifully. Scott’s goal is to create a beautiful home and make a modest profit. He pays a lot of attention to detail and there are sound and proven reasons for the choices he makes in finishes. If you are considering getting into investing in real estate and flipping houses, take a look at his latest effort, new on the market:
7054 Freemont
<img src="http://activerain.com/image_store/uploads/8/5/5/6/1/ar132287881316558.jpg">
If you’d like help finding investment properties, either for flipping or for additional income, give me a call or send me an email. I’m here to help.Valerie Keener, Real estate is my caffeine! (Nathan Grace Real Estate)Fri, 02 Dec 2011 13:25:42 -0800http://activerain.com/blogsview/2629975/7-tips-to-successful-house--flipping-